BREAKING: FATF removes Nigeria from global financial watch

The Financial Action Task Force (FATF) has officially taken Nigeria off its “grey list,” which includes countries under increased monitoring for financial system vulnerabilities.

The move was confirmed during the FATF October 2025 Plenary held in Paris, France, after Nigeria successfully executed a 19-point action plan designed to reinforce its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures.

Nigeria was initially added to the grey list in February 2023 when the FATF identified major weaknesses in its AML/CFT regime. Since then, the Federal Government has worked closely with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) to fix those deficiencies through legal reforms, stronger institutions, and better inter-agency coordination.

Among the significant reforms highlighted by the FATF are the implementation of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022, the activation of the Beneficial Ownership Register, and tighter oversight of designated non-financial businesses and professions.

In a statement released on Friday, the Director/CEO of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Bakari, announced Nigeria’s removal from the list, noting that the country had improved its ability to “detect, investigate, and prosecute financial crimes,” while also enhancing intelligence sharing and international cooperation.

She said, “The NFIU is pleased to announce that the FATF, at its October 2025 Plenary in Paris, France, has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.”

Bakari described the achievement as a landmark victory for Nigeria’s anti-financial crime efforts, adding that the delisting reaffirms the nation’s dedication to global standards in fighting money laundering, terrorism financing, and related financial threats.

She continued, “Nigeria has demonstrated sustained commitment to financial transparency and integrity. Key milestones include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register, improving corporate transparency and accountability; implementation of stronger supervisory and preventive measures by public and private sector authorities to prevent abuse of Nigeria’s financial system; increased international cooperation and cross-border intelligence exchange with regional and global partners; and improved supervision of Designated Non-Financial Businesses and Professions.”

Representing Nigeria at the Paris meeting was a high-level delegation comprising the Attorney-General of the Federation and Minister of Justice, the Ministers of Finance and Interior, and the Director of the NFIU.

Bakari, who oversaw the reform process, described the country’s delisting as “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.” She also expressed gratitude to President Bola Tinubu, the National Assembly, the judiciary, and the private sector for their collaborative efforts in achieving this success.

She further encouraged all relevant stakeholders to continue upholding and expanding these reforms to maintain Nigeria’s compliance with global standards for financial integrity.

At the same plenary, Burkina Faso, Mozambique, and South Africa were also officially removed from the FATF grey list.